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Mumbai: Locally listed Vedanta Thursday said it would raise ₹2,100 crore through private placement of non-convertible debentures (NCD) at a time when its London-based parent, Vedanta Resources, is seeking funds to meet upcoming debt obligations.
Vedanta will be issuing up to 21,000 secured, unrated, unlisted, redeemable NCDs of face value ₹10 lakh each in one or more tranches, as per a stock exchange filing. Vedanta did not state the purpose for this fundraise in its note to the exchanges.
Vedanta’s announcement to raise NCDs comes after the company saw a record capital outgo of ₹37,730 crore as dividends in FY23 to support its cash-strapped parent that has near-term maturities of around $1.7 billion (₹13,885 crore) in the first quarter of FY24, as per a recent report from Crisil Ratings.
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